I just finished my weekly market analysis. Due in part to the holidays and part because it's just plain time to move on, our market is looking better. I mean a whole lot better! Through this whole month (December 2008), the number of properties has been dropping. The number of residential propertieson the market is down substantially and not very far from that place where a SHIFT begins. Same with the more volatile Commercial and Vacant Land markets.
The most recent average price reductions are more than average to be sure. It appears that today's sellers (and their agents) have become serious about selling! For the past couple weeks, the average price reduction on residential property has right at 9%. This is HUGE and screams that now is absolutely the time to buy a home. We're at pre-boom prices and in line with what has traditionally been a normal appreciation in value.
Add to this the dramatically slashed mortgage rates and we have all the makings for a SHIFT to becoming a seller's market. Don't blink 'cause SHIFTS aren't generally long lived. Once the SHIFT happens, prces will start to climb and today's deal will become yesterday's lost opportunity.
Team Sumberg has been compiling market stats since 2005. We watch and track the trends neighborhood by neighborhood. There's a change in the air and we're there!
If you are interested in more specific market statistics, contact Paul Sumberg Paul.Sumberg@TeamSumberg.com
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